Bit Digital Becomes Sixth-largest Ethereum Holder With $140M ETH Purchase

Bit Digital has become the sixth-largest corporate holder of Ethereum after buying 31,057 ETH valued at about $140 million.

The purchase was funded through proceeds from a $150 million convertible notes sale, which included full exercise of underwriters’ options. CEO Sam Tabar said the deal highlights Bit Digital’s commitment to shareholder value and confidence in Ethereum’s role in digital finance.

The convertible notes were priced at $4.16 per share, an 8.2% premium to its market net asset value. Major crypto institutions like Kraken Financial, Jump Trading Credit, and Jane Street Capital participated in the round.

With this acquisition, Bit Digital’s Ethereum treasury stands at 150,244 ETH, placing it behind the Ethereum Foundation and Bitmine Immersion Technologies.

The company’s mNAV stood at $3.84 per share in late September, supported by $512.7 million in ETH and $723.1 million in its subsidiary, WhiteFiber Inc.

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